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Ark Invest and 21Shares Will Disclose ARKB Bitcoin Reserves with Chainlink

by BSC News

February 28, 2024

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Investors in the ARKB can now verify the underlying Bitcoin reserves, marking a significant departure from traditional practices in the crypto investment landscape.

Crypto investment product provider 21Shares has officially integrated Chainlink's Proof of Reserve on the Ethereum mainnet, according to a press release shared with BSC News. This integration marks a significant step forward in enhancing the transparency of the Bitcoin reserves that support the ARK 21Shares Bitcoin ETF (ARKB).

Chainlink's PoR provides an off-chain reserves feed, sourced directly from Coinbase, enabling on-chain reporting of reserve data through Chainlink oracles. 

Through this integration, ARKB's Bitcoin collateralization can be verified on-chain, external data can be delivered decentralized to blockchains, and Chainlink PoR feeds can be monitored in near real-time.

Ophelia Snyder, 21Shares US co-founder and President, emphasized the importance of this integration: 

"By integrating Chainlink, the industry leader in Proof of Reserves for tokenized assets, we're setting a new standard for combining transparency and security in digital asset management"

Ark/21Shares is now the second issuer to bring holdings data on-chain.

Collaboration with ARK Invest

The collaboration between 21Shares and ARK Invest has yielded impressive results, leading to a spot Bitcoin ETF with nearly $1.6 billion in net assets since its launch in January 2024. 

ARKB has emerged as one of the more successful spot Bitcoin ETFs launched on Jan. 11, accumulating 33,274 bitcoins with assets under management exceeding $1.8 billion, ranking third among issuers.

Worth noting, the adoption of Chainlink's PoR extends beyond ARKB. Other prominent web3 projects, including Aave, Gemini, and TrustToken, had previously integrated the solution. 

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