The blockchain data tracking firm Arkham Intel found wallets associated with WBIT, a physical Bitcoin exchange-traded product (ETP) from the asset manager WisdomTree. 

WBIT holds 8,900 BTC, worth around $579 million, across 134 wallets, Arkham noted on the social media platform X Friday. 

"WisdomTree Physical Bitcoin is a physically backed exchange-traded product (ETP) designed to offer shareholders a simple, secure and cost-efficient way to gain exposure to the price of Bitcoin,” according to WBIT’s website. “The ETP provides for easy investor access, tradability, transparency and institutional custody solutions with a robust physically backed structure."

A physically-backed bitcoin ETP is comparable to a spot bitcoin exchange-traded fund (ETF) in that both products hold …