According to ChainCatcher, Eric Balchunas, senior ETF analyst at Bloomberg, disclosed on the X platform that BlackRock runs its own blockchain node, extracts Bitcoin balances from Coinbase Prime's wallet address every night, and verifies the Bitcoin held by IBIT. If institutional clients request it, they will show this data, but they will not make it public to the world because they have received a lot of spam (such as sanctioned Bitcoin and NFTs), and making this information public will only lead to a surge in spam.

“It’s important to understand that this is not amateur behavior,” Balchunas said. “BlackRock manages about 500 ETFs, and the assets of those ETFs are held by custodians that have had no problems for decades. That’s why they and other ETF issuers are so trusted by U.S. advisors.”