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Arkham links 20,652 BTC to CoinShares' BITC, with 15,359 BTC in one address
The tagged holdings are worth about $1.53 billion; the largest single address holds roughly $1.13 billion, or 74.4% of the total.
Key takeaways
- Arkham Intelligence said on 11 November 2026 that it tagged 98 addresses tied to CoinShares' Physical Bitcoin ETP (BITC).
- The addresses hold 20,652 BTC in total, worth about $1.53 billion at the time of the post.
- One address holds 15,359.46 BTC, about $1.13 billion and 74.4% of the total.
- Only two of the 98 addresses had a Bitcoin balance when Arkham published its findings.
- Arkham said the largest address was first funded in March, but did not say all the coins were bought then.
What Arkham found
Blockchain analytics firm Arkham Intelligence has linked 20,652 Bitcoin to CoinShares' Physical Bitcoin ETP, ticker BITC, across 98 addresses. Arkham published the findings on X on 11 November 2026. The coins were worth about $1.53 billion at the time.
Most of that value sits in one address. Arkham said the largest address holds 15,359.46 BTC, worth about $1.13 billion, or roughly 74.4% of the total it tagged.
Only two of the 98 addresses held a Bitcoin balance when Arkham made the post. Arkham also said the largest address was first funded in March. It did not say that all of the Bitcoin was bought in March.
What BITC is
CoinShares is one of the larger firms in Europe's market for crypto investment products. According to its website, BITC is backed by physical Bitcoin and trades on regulated exchanges. It gives investors exposure to the Bitcoin price through ordinary brokerage accounts, without setting up a Bitcoin wallet.
Arkham's work makes the on-chain side of that product easier to follow. Analysts can now watch the tagged addresses for large transfers and for changes in balances.
Not a new purchase
The $1.53 billion figure does not represent new buying. Arkham identified and labelled addresses that already held Bitcoin for CoinShares' product; it did not report a purchase on 11 November 2026.
A large Bitcoin transfer does not by itself mean a sale or a purchase. Moves between custody providers, or wallet reorganisations, can also produce large on-chain transactions.
What happens to the balances in the tagged addresses is the figure to watch. Whether large transfers from them reflect real investor inflows or outflows will need further data to confirm.
Sources
1 reportThis article was prepared by BattleTown Newsroom from the reports listed above.
Frequently asked questions
Does the $1.53 billion represent new Bitcoin buying?
No. Arkham tagged addresses that already held Bitcoin for CoinShares' BITC product. It did not report a new purchase on 11 November 2026.
How much Bitcoin sits in the largest address?
15,359.46 BTC, worth about $1.13 billion at the time of Arkham's post, or roughly 74.4% of the 20,652 BTC it linked to BITC.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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