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Bitwise to Launch Bitcoin Standard ETF Focusing on Corporate BTC Holders
In a groundbreaking move, Bitwise has proposed the launch of a new exchange-traded fund (ETF) focused on publicly traded companies with substantial Bitcoin holdings. This innovative approach is poised to revolutionize the way investors interact with the cryptocurrency market.
According to the filing submitted by Bitwise on December 26, the new ETF will prioritize investments in companies that meet specific criteria. To qualify for inclusion in the fund, these firms must have a minimum market capitalization of $100 million, maintain an average daily liquidity of at least $1 million, and possess a public free float of at least 10%. Additionally, they must hold a significant amount of Bitcoin, with a minimum threshold of unknown quantity.
This strategy is designed to capitalize on the growing trend of institutional investment in cryptocurrencies. By targeting companies that have already demonstrated a commitment to Bitcoin, Bitwise aims to provide investors with a unique opportunity to gain exposure to the digital asset while minimizing risk.
It’s worth noting that this move follows similar initiatives from other firms and organizations. For instance, Strive has proposed an ETF focused on “Bitcoin Bonds,” which would invest in convertible bonds issued by companies deeply entrenched in the Bitcoin market. Meanwhile, Senator Cynthia Lummis has introduced a draft bill to require the U.S. Treasury to acquire 1 billion Bitcoins over a five-year period.
Industry experts predict that this shift towards institutional investment could have a profound impact on the cryptocurrency market’s overall trajectory. Tom Lee of Fundstrat, for example, has predicted that Bitcoin’s value could surge to $250,000 if such initiatives are successful.
The proposed Bitwise ETF is currently available for public consultation, and its success will depend on feedback from investors and regulatory bodies alike. If approved, this innovative approach could set a new standard for cryptocurrency investment products.
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Source: www.crypto-news-flash.com
