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Bitwise
US crypto asset manager · ETP assets backing shares · @BitwiseInvest
This $3.92B stack is Bitwise's product backing. The assets held against its exchange-traded products and trusts, not a trading book. Read it as fund AUM across four chains: units get created against these coins, so the balance moves with creations and redemptions, not with a manager's conviction. BTC is ~79% of it; SOL, ETH, plus small HYPE and LINK sleeves make up the rest.
The desk's read
The $3.92B breaks down as BTC ~$3.08B, SOL ~$578M, ETH ~$196M, HYPE ~$37M and LINK ~$24M, spread across bitcoin, solana, ethereum and hyperevm. These are custody assets sitting behind Bitwise's wrapped products, not a directional bet the firm is running with its own capital. The coins are here because shares and units were issued against them, so the right frame is product AUM: the address grows when allocators put money in and shrinks when they pull it out.
That makes this a flow gauge, not a sentiment read. Net growth in the balance is creations, fresh institutional money entering the regulated wrapper, and net shrinkage is redemptions. BTC dominance at roughly four-fifths tells you where the demand still concentrates, but the second leg matters: SOL near $578M is a real, standalone allocation, not a rounding error, and it triggers that flows into Bitwise's lineup have broadened past the two majors.
The tell is the tail. Standalone HYPE ($37M on hyperevm) and LINK ($24M) sleeves put Bitwise further out the risk curve than the pure spot-BTC issuers. It runs single-asset and thematic products, not just a Bitcoin fund. For a trader watching these addresses, moves in the smaller sleeves carry the higher trigger: creations there mean allocators are paying up for altcoin beta through a compliant vehicle, and that is the earlier, cleaner read on institutional risk appetite than another BTC inflow.
What they hold
Largest token positions on-chain data maps to this entity, by USD value.
| Asset? | Chain? | Value? |
|---|---|---|
| BTC | bitcoin | $3.78B |
| SOL | solana | $754.0M |
| ETH | ethereum | $266.1M |
| HYPE | hyperevm | $48.9M |
| LINK | ethereum | $41.8M |
| UNI | ethereum | $557K |
| MORPHO | ethereum | $370K |
| ONDO | ethereum | $369K |
| ENA | ethereum | $309K |
How to read a row → BTC · bitcoin · $3.78B: this entity's largest position is $3.78B of BTC held on bitcoin. Rows are sorted by USD value, so the top row is the biggest bet.
By chain
| Network? | Value? |
|---|---|
| bitcoin | $3.78B |
| solana | $754.0M |
| ethereum | $309.7M |
| hyperevm | $48.9M |
How to read a row → bitcoin · $3.78B: $3.78B of the holdings live on bitcoin. Chains are ranked by value, so the top row is where most of the money sits.
Source: balances read directly from public chain RPCs, priced via DeFiLlama. USD-denominated, so they move with price as well as with flows. Updated 23 Aug 2026.
Other fund / institution: BlackRock · Strategy · Grayscale · Twenty One Capital
Not investment advice. Entity labels are on-chain attribution and can be imperfect; a labelled balance may mix personal, treasury and custody wallets. Large balances do not imply intent, some never move.