Bitwise Asset Management, a renowned name in the cryptocurrency field, recently became the first issuer of a Bitcoin ETF to create a dedicated wallet for its fund. This move has attracted the attention of crypto enthusiasts, who have started making donations to this wallet. Bitwise's IT Director, Matt Hougan, commented on the situation, clarifying that all received assets will be transferred for the benefit of BITB shareholders.

According to the fund's S-1 charter documents, Bitwise is authorized to either sell the received assets or distribute cash among investors. Initially, distribution in kind was considered, but this approach was later abandoned.

However, a problem arose due to the U.S. Treasury's sanctions restrictions on certain Bitcoin addresses. In the event of receiving assets from such addresses, recipients are required to report to the Office of Foreign Assets Control. Hougan noted that this issue is being handled at the depository level, by the cryptocurrency exchange Coinbase, which blocks any addresses under sanctions restrictions.

Coinbase is actively working with clients to ensure that funds are blocked in compliance with U.S. law. This underscores the importance of adhering to legislative requirements in the cryptocurrency sector and the need for careful attention to regulatory issues.