On-chain analytics platform Arkham Intelligence has publicly labeled 98 Bitcoin addresses tied to the CoinShares Physical Bitcoin ETP (BITC), revealing a cumulative reserve of 20,652 $BTC worth approximately $1.53 billion at market prices as of November 11, 2026.

The labeling exercise, carried out between November 9 and November 11, 2026, converts a cluster of previously anonymous alphanumeric strings into an identifiable institutional fund. According to Arkham's data, a single address holds 15,359.46 $BTC — roughly $1.13 billion — representing nearly three-quarters of the financial product's total holdings.

CoinShares's $1.5B Bitcoin ETP Now on Arkham

Arkham has labelled the Bitcoin addresses of CoinShares's Physical Bitcoin ETP (BITC). BITC holds 20,652 $BTC ($1.53B) across 98 addresses, 2 of which hold coins today. The largest single address holds 15,359.46 $BTC ($1.13B) and was… pic.twitter.com/liqRE6G62I

— Arkham (@arkham) November 11, 2026

Know When Your Coins Move

With the record now published on the blockchain analytics platform, any user with access to a web browser can check the movements, inflows, and balances of these reserves in real time.

The data reveals an uneven distribution of assets within the product's custody scheme. Out of the 98 wallets identified by Arkham Intelligence, only two maintain recent activity, while a single address holds the vast majority of the deposited capital. The main wallet, with its 15,359.46 $BTC — equivalent to roughly $1.13 billion — received its first funds in March 2026 and concentrates approximately 75% of all Bitcoin belonging to the ETP.

The remaining 97 registered addresses collectively hold the other 5,292.54 $BTC. According to an industry source report, this concentration turns the majority wallet into the primary public benchmark for monitoring the behavior of the fund's reserves.

Arkham's Institutional Labeling Rollout in November

The identification of CoinShares' wallets forms part of a broader update announced by Arkham Intelligence on November 9, 2026. In that data batch, the firm added labels for approximately $3 billion in digital assets belonging to various institutional funds.

Within that global addition, CoinShares' BITC product accounted for the largest single contribution, totaling $1.52 billion in Monday's initial announcement. The November catalog also included holdings from other industry managers, such as VanEck's VBTC product with $507.2 million, Invesco's BTIC with $266.6 million, and Grayscale's Solana trust with $125.9 million.

The effort continues the cataloging initiative launched by Arkham in early 2024 covering spot exchange-traded funds. The platform's stated goal is to build a public directory of institutional holdings verifiable directly on the blockchain. The November batch shows that scope stretching beyond spot exchange-traded funds to other product wrappers, with ETPs and trusts now sitting side by side in the same public catalog.

As for the operational features of the financial vehicle, BITC is a physically backed exchange-traded product issued by CoinShares Digital Securities Limited. According to records cited in the report, its assets under management range between $1.5 billion and $1.7 billion — a band that the labeled on-chain tally of $1.53 billion falls within. CoinShares' corporate documentation establishes that the firm never lends out the Bitcoin backing its exchange-traded products. The instrument's structure also allows for direct redemption, a feature that authorizes investors to exchange their shares for the physical underlying asset.

On-Chain Transparency vs. Traditional Financial Reports

Traditional investment funds publish periodic reports on their holdings under scheduled calendars. According to the market analysis cited, that model requires market participants to trust the figures declared by the issuer without immediate verification.

Conversely, financial vehicles backed by spot Bitcoin operate on a public ledger. Address labeling offers BITC holders the ability to cross-check the reported 20,652 $BTC against the actual balances hosted on the network. Any significant transfer from the main address holding 15,359.46 $BTC will be exposed simultaneously to all market observers, and per the report, this visibility transforms CoinShares' custody statements into permanent public proof.

As of the close of trading on November 11, 2026, all 98 addresses linked to CoinShares remain indexed on the Arkham Intelligence public explorer for continuous tracking of their flows on the Bitcoin network. For anyone following the fund, the practical reference points going forward are the majority wallet and the two addresses currently holding coins, since any change in their balances would surface on the public explorer as it happens.